Telecom equipment maker ADC Telecommunications reported a fiscal first-quarter net loss of $38 million before items, or 5 cents a share, on revenue of $294 million. That compares with income of $73 million, or 9 cents a share, and revenue of $689 million in the year-ago quarter. ADC posted revenue of $341 million in the fourth quarter. Wall Street expected a loss of 5 cents a share, the consensus estimate of 20 analysts surveyed by First Call.
ADC attributed the loss to themarket conditions in the telecom industry, caused by spending cuts at major telecom carriers, which forced the equipment makers to cut costs. ADC reduced its work force by about 49 percent in fiscal 2001, to 12,000 employees from 23,500, through layoffs and the sale of business units.